Warning re FairFX currency card

rowets

Apologies if this has already been raised but just in case I though I'd post this up.

Recently returned from a trip driving to the Rhone Valley. Topped our FairFX currency card up before we left, competitive exchange rate. Toward the end of the trip I used the card to purchase around €70 of fuel, which left around €50'ish left on the card. Then next day tried to use the card in a supermarket and it was declined, as it also was in another fuel station. When we got back I logged on to my account to find that when I purchased the €70 of fuel, I'd actually had €120 deducted from the card, hence the subsequent declines. Thinking there'd been a mistake or worse, I called FairFX, to be told that it is standard practice for some European traders to actually deduct the limit that they set on the transaction from the card and then refund the difference at a later stage, which can be up to 21 days later!! This is absurd, what if we had used the card during the first few days of the trip to buy fuel and this had happened on each occassion rendering the card totally useless for the remainder of the trip with our money tied up in it? Apparently it is clearly stated in their T&C's that this can happen! This is wrong, this should be clearly stated in big bold lettering on all of their documentation and on their website as a major warning to people using the card.

Wonder if anyone else has been caught out?

Tim

TakeThis

rowets wrote: »

Apologies if this has already been raised but just in case I though I'd post this up.

Recently returned from a trip driving to the Rhone Valley. Topped our FairFX currency card up before we left, competitive exchange rate. Toward the end of the trip I used the card to purchase around €70 of fuel, which left around €50'ish left on the card. Then next day tried to use the card in a supermarket and it was declined, as it also was in another fuel station. When we got back I logged on to my account to find that when I purchased the €70 of fuel, I'd actually had €120 deducted from the card, hence the subsequent declines. Thinking there'd been a mistake or worse, I called FairFX, to be told that it is standard practice for some European traders to actually deduct the limit that they set on the transaction from the card and then refund the difference at a later stage, which can be up to 21 days later!! This is absurd, what if we had used the card during the first few days of the trip to buy fuel and this had happened on each occassion rendering the card totally useless for the remainder of the trip with our money tied up in it? Apparently it is clearly stated in their T&C's that this can happen! This is wrong, this should be clearly stated in big bold lettering on all of their documentation and on their website as a major warning to people using the card.

Wonder if anyone else has been caught out?

Tim

Nothing to do with FairFx. Hotels, car hire, fuel purchases; they all block amounts from your card. Perhaps you should have done your research.

antenna

Hotels and car hire i can understand........but buying fuel from a forecourt,that's crazy.

rowets

TakeThis wrote: »

Nothing to do with FairFx. Hotels, car hire, fuel purchases; they all block amounts from your card. Perhaps you should have done your research.

Thank you. Perhaps you should try not to be so condescending, I was just trying to alert people to the fact that this may happen. But thank you for your valued contribution, I'm sure others may appreciate it.

TakeThis

antenna wrote: »

Hotels and car hire i can understand........but buying fuel from a forecourt,that's crazy.

It's normal in France.

TakeThis

rowets wrote: »

Thank you. Perhaps you should try not to be so condescending, I was just trying to alert people to the fact that this may happen. But thank you for your valued contribution, I'm sure others may appreciate it.

I hope that they do.

My problem with your post is that it highlights the FairFx card, whereas every Prepaid card would suffer the same problem.

Hence my reply; "Nothing to do with FairFx"....

zagfles

rowets wrote: »

Apologies if this has already been raised but just in case I though I'd post this up.

Recently returned from a trip driving to the Rhone Valley. Topped our FairFX currency card up before we left, competitive exchange rate. Toward the end of the trip I used the card to purchase around €70 of fuel, which left around €50'ish left on the card. Then next day tried to use the card in a supermarket and it was declined, as it also was in another fuel station. When we got back I logged on to my account to find that when I purchased the €70 of fuel, I'd actually had €120 deducted from the card, hence the subsequent declines. Thinking there'd been a mistake or worse, I called FairFX, to be told that it is standard practice for some European traders to actually deduct the limit that they set on the transaction from the card and then refund the difference at a later stage, which can be up to 21 days later!! This is absurd, what if we had used the card during the first few days of the trip to buy fuel and this had happened on each occassion rendering the card totally useless for the remainder of the trip with our money tied up in it? Apparently it is clearly stated in their T&C's that this can happen! This is wrong, this should be clearly stated in big bold lettering on all of their documentation and on their website as a major warning to people using the card.

Wonder if anyone else has been caught out?

Tim

Yes, the reason for this is when you put your card in for fuel it pre-authorises a certain amount - ie the max it thinks you're likely to put in. Then charges you for the amount you actually take. Otherwise it'd risk the payment being declined after you'd put the fuel in!

Same applies if you use debit cards, it'll reserve a chunk of your balance.

That's one of the reasons credit cards are far better, as all they do is reserve a chunk of your credit limit.

The best credit cards are also cheaper than any pre-paid card.